India Refrigerator Market is accelerating- Projected to Reach Worth USD 6.1 Billion in 2027

Published | 07 September 2021

India Refrigerator market is growing due to the growing food and beverage industry, the growth of smart homes, increasing investment under the “Make in India” scheme, initiatives from the government across multiple sectors/industries, and the growing application of environment-friendly refrigerants like ammonia (NH3), carbon dioxide (CO2) in refrigerators....

A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the India refrigerator market was worth USD 2.9 billion in 2020 and is projected to reach USD 6.1 billion by 2027, at a CAGR of 11.2% during the forecast period (2021-2027). The growing food & beverages industry, increasing pharmaceutical production, and increasing investment from international players is driving the growth of the India refrigerator market. Additionally, the rising household incomes, advanced technologies, rapid urbanization, and environmental changes are other factors supporting the growth of the India refrigerator market.

Rising Demand for Refrigerator in Diverse Application Industries Driving the Market Growth

Refrigerators have an increasing number of applications, particularly in medical and biotechnology, entertainment industry, automotive industry, residential use, and the food and beverage sector. Medical professionals use refrigerators to ship specimens, organs, blood, and other pharmacy items. They are also largely used to transport perishable food. It is likely that a growing number of applications for refrigerators will drive the India refrigerator market during the forecast period.In addition, the implementation of technology, such as IoT in the refrigerator technology, has further propelled the market growth of the India refrigerator market. Globally, the food & beverage industry employs more than 7.3 million people, making it the region's largest employer. By 2020, the Indian food retail market is expected to reach USD 894.98 billion. Thus, the growing food and beverage industry in India has fuelled up the market growth of the India refrigerator market.

Growing investment in the food processing industry

The investment in the Indian food industry is proliferating, and with that, the demand for refrigerators is growing substantially. Refrigerators are an essential part of the food processing industry as refrigeration of food products and materials to preserve their taste, color, texture, and integrity are crucial. According to INVEST INDIA, (the National Investment Promotion & Facilitation Agency), the Indian government is investing in setting up 41 Mega Food Park and 324 approved cold chain projects in India with 21 ongoing private projects. Nestle, Danone, Ferrero, Pepsi, and Unilever are some of the most prominent investors. The investments are expected to go up in the coming years, with the government allowing 100% FDI for the automatic route in food processing industries in India. The growing investment in the food processing industry is expected to lead to the ever-increasing demand for refrigerators in the country and contribute to the growth of the India refrigerators market during the forecast period.

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Online Distribution Segment to Dominate the Market in Upcoming Years

Online shopping has revolutionized the way businesses are conducted in India. The online segment will be the fastest-growing segment during the forecast period due to different government initiatives, heavy discounts offered by the retailers, doorstep delivery, and a wide range of products available, thereby driving the growth of the India refrigerator market. Moreover,easily available consumer loans and other purchase schemes are expected to give a morale boost to price-sensitive consumers. Furthermore, the ability to compare prices across multiple brands, the availability of a variety of products, ease of purchase, and quick returns, combined with India's growing internet and smartphone population, are expected to contribute significantly to the India refrigerator market's growth over the forecast period.

India Refrigerator Market: Regional Insights

The India Refrigerator market is segmented into four regions Eastern India, Northern India, Southern India, and Western India. The Refrigerator market dominates in Western India and Southern India due to unfavourable climatic conditions in the regions. Further, consumers are moving from conventional refrigerators to smart refrigerators, which creates tremendous opportunities for manufacturers.In addition, renting home appliances in urban areas is on the rise because of additional free services, like relocation and periodic maintenance, which aren't available in an ownership model. Start-ups such as Furlenco, Rentomojo, and Rentickle have come up in this space and offer rentals on furniture, appliances, and many other products.

Impact of COVID-19

The consumer durables industry had seen a decline in demand due to the COVID-19 outbreak and lockdown restrictions. However, due to the continuation of work from home culture and the increasing number of lectures and classes being held online, the demand for goods, such as refrigerators, electric cooking appliances, washing machines, and air conditioners.  that enhance convenient living has increased. According to business surveys conducted by the Retailers Association of India (RAI), the consumer durables and electronics category recorded yearly sales growth of 10 % and 15 % in January 2021 and February 2021, respectively.

The Leading Players in The India Refrigerator Market are Samsung Electronics, Whirlpool Corporation, Panasonic, LG Electronics, Godrej Electronics, Electrolux, Haier, Onida Electronics, Videocon Consumer Electronics & Home, Kelvinator, Sharp Corporation, Hitachi, Voltas, and other prominent players. The market players compete based on the given product. The rising adoption of advanced technology such as IoT and smart refrigerators has increased competition to deliver the best quality refrigerator at a minimal cost. Additionally, the developing infrastructure in both the residential and commercial sectors has created lucrative opportunities in the market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Indiarefrigeratormarket size & forecast. The report promises to provide recent technology trends of Indiarefrigeratormarket and industry insights which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges and competitive dynamics of the market.

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